Gold Costs Could Rise as Bond Yields Fall on US GDP Downgrade
GOLD & CRUDE OIL TALKING POINTS:
- Commodity costs idle, unable to search out lasting lead in risk-on commerce
- Gold costs could rise as bond yields fall on Q2 US GDP downgrade
- Crude oil prices susceptible after stalling at four-month resistance
Commodity costs idled absent a potent-enough directional lead on Wednesday. A cautious risk-on tilt in prevailing sentiment traits nudged gold costs a bit decrease whereas cycle-sensitive crude oil loved a little bit of a elevate, however substantive follow-through was not available (as expected). Even EIA knowledge exhibiting a pointy 10.03-million-barrel drop in US inventories didn’t impress having been telegraphed in API figures earlier.
GOLD MAY RISE AS YIELDS FALL WITH CRUDE OIL ON US GDP DOWNGRADE
A revised set of second-quarter US GDP statistics now enters the highlight. Baseline forecasts envision a modest annualized progress fee downgrade, from 2.1 to 2.zero p.c. Main PMI knowledge implies a gloomier outcome,…